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SJP/Aetna Realty JV Eye 2M-SF MXU on Westinghouse Site
SJP Properties has created a joint venture with Aetna Realty to redevelop the former Westinghouse property, adjacent to NJ Transit’s Newark Broad Street Station. Conceptual plans for the property call for up to two million square feet of mixed-use development, with office, retail, hotel and residential all possible components.
“This redevelopment site presents a unique opportunity for companies looking to position themselves within the booming North Broad Street District, directly across from the Midtown Direct train line and among the numerous cultural, educational and retail opportunities that downtown Newark has to offer,” said SJP CEO Stephen J. Pozycki.
Newark Mayor Ras J. Baraka said the SJP/Aetna project “will accelerate the momentum underway with development around the Broad Street Station, and be an important part of the smart development propelling Newark’s attraction as a national business hub.” Currently, Newark is home to 21 Fortune 500 companies across a variety of industries.
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